Adani Enterprises rights issue: What Ventura says, target price for Adani stock & more
At the current market price, AEL traded at 18 times FY28 estimated EV/Ebitda. Ventura reiterated a 'Buy' rating with a sum-of-the-parts-based 24-month target price of Rs 3,433, implying 23.6 times FY28 EV/Ebitda.
- Nov 26, 2025,
- Updated Nov 26, 2025 4:31 PM IST
With the Adani Enterprises' Rs 25,000 crore right issue underway, Ventura Securities said the fund raise was a timely and strategic move that monetised the substantial recovery in the stock over the past two-and-a-half years.
Ventura said the ongoing Rs 25,000 crore rights issue, priced at Rs 1,800 per share and at a 25 per cent discount to the prevailing market price of Rs 2,399, is attractively priced, given the significant growth headroom across AEL’s existing portfolio. Ventura recommended subscribing to the issue, adding that promoter participation reinforced confidence while also helping increase public shareholding and strengthen governance visibility.
"We value AEL on a SOTP basis, assigning a FY28 price target of Rs 3,433 per share, based on a post rights issue equity share base of 129.3 crore. At the CMP of Rs 2,399 per share (18x FY28 EV/Ebitda), we recommend BUY, offering a potential upside of 43.1 per cent over the next 24 months," Ventura said.
On Wednesday, the scrip was trading at Rs 2313.15, down 0.88 per cent.
As the group’s incubator for next-generation businesses, the brokerage noted that AEL continually required fresh capital to fund a broad pipeline of capital-intensive ventures spanning airports, copper, roads and the green hydrogen ecosystem.
It pointed out that the IRM and mining verticals served as the company’s primary cash engines. While these operations did not shape the long-term growth narrative, they provided stable cash flows at minimal capex, enabling the expansion of newer, capital-heavy businesses.Ventura highlighted that the scale of AEL’s planned investments—estimated at about Rs 7 lakh crore over the coming decade—meant internal accruals would be insufficient. The company, therefore, needed to access additional capital, whether equity or debt, to support its ambitious capex cycle.
The brokerage said AEL intended to list key businesses between FY27 and FY31, including the airports vertical—likely in 2027—and Adani New Industries Ltd, which houses the green hydrogen ecosystem spanning solar, wind turbine manufacturing and electrolyser operations. This strategy mirrored the value-unlocking cycle seen between FY16 and FY20, when Adani Total Gas, Adani Green Energy and Adani Wilmar were taken public. Ventura also noted that AEL sold its entire 43.94 per cent stake in Adani Wilmar for Rs 156 billion during the year, deploying proceeds to support capital requirements of its incubating businesses.
Over FY25–28, AEL’s consolidated revenue and Ebitda is projected to record compounded annual growth of 17.4 per cent and 18.7 per cent, reaching Rs 1,585 billion and Rs 238 billion respectively, while Ebitda margins were expected to widen by 48 basis points to 15 per cent. Ventura said growth in the airports and ANIL platforms, coupled with the ramp-up in data centres and copper operations, was poised to drive stronger operating performance and gradual margin expansion. However, net profit was estimated to decline at an annual rate of 12.8 per cent to Rs 4,702 crore owing to higher depreciation and interest costs.
Consequently, return ratios were expected to moderate, with RoE falling 935 basis points to 5.5 per cent and RoIC declining 195 basis points to 6.6 per cent by FY28. The brokerage observed that elevated capex and increased leverage would compress return ratios over the next three to five years but expected a strong recovery over the longer term as higher-margin verticals such as airports, green hydrogen, data centres and copper scaled up.
Ventura added that AEL was setting up a 1 MMTPA PVC plant in Mundra, targeted for commissioning by FY29, and had secured creditor approval for its Rs 14,535 crore bid to acquire Jaiprakash Associates Ltd. However, both the PVC project and the JAL acquisition were excluded from its forecasts due to the absence of detailed financial disclosures.
With the Adani Enterprises' Rs 25,000 crore right issue underway, Ventura Securities said the fund raise was a timely and strategic move that monetised the substantial recovery in the stock over the past two-and-a-half years.
Ventura said the ongoing Rs 25,000 crore rights issue, priced at Rs 1,800 per share and at a 25 per cent discount to the prevailing market price of Rs 2,399, is attractively priced, given the significant growth headroom across AEL’s existing portfolio. Ventura recommended subscribing to the issue, adding that promoter participation reinforced confidence while also helping increase public shareholding and strengthen governance visibility.
"We value AEL on a SOTP basis, assigning a FY28 price target of Rs 3,433 per share, based on a post rights issue equity share base of 129.3 crore. At the CMP of Rs 2,399 per share (18x FY28 EV/Ebitda), we recommend BUY, offering a potential upside of 43.1 per cent over the next 24 months," Ventura said.
On Wednesday, the scrip was trading at Rs 2313.15, down 0.88 per cent.
As the group’s incubator for next-generation businesses, the brokerage noted that AEL continually required fresh capital to fund a broad pipeline of capital-intensive ventures spanning airports, copper, roads and the green hydrogen ecosystem.
It pointed out that the IRM and mining verticals served as the company’s primary cash engines. While these operations did not shape the long-term growth narrative, they provided stable cash flows at minimal capex, enabling the expansion of newer, capital-heavy businesses.Ventura highlighted that the scale of AEL’s planned investments—estimated at about Rs 7 lakh crore over the coming decade—meant internal accruals would be insufficient. The company, therefore, needed to access additional capital, whether equity or debt, to support its ambitious capex cycle.
The brokerage said AEL intended to list key businesses between FY27 and FY31, including the airports vertical—likely in 2027—and Adani New Industries Ltd, which houses the green hydrogen ecosystem spanning solar, wind turbine manufacturing and electrolyser operations. This strategy mirrored the value-unlocking cycle seen between FY16 and FY20, when Adani Total Gas, Adani Green Energy and Adani Wilmar were taken public. Ventura also noted that AEL sold its entire 43.94 per cent stake in Adani Wilmar for Rs 156 billion during the year, deploying proceeds to support capital requirements of its incubating businesses.
Over FY25–28, AEL’s consolidated revenue and Ebitda is projected to record compounded annual growth of 17.4 per cent and 18.7 per cent, reaching Rs 1,585 billion and Rs 238 billion respectively, while Ebitda margins were expected to widen by 48 basis points to 15 per cent. Ventura said growth in the airports and ANIL platforms, coupled with the ramp-up in data centres and copper operations, was poised to drive stronger operating performance and gradual margin expansion. However, net profit was estimated to decline at an annual rate of 12.8 per cent to Rs 4,702 crore owing to higher depreciation and interest costs.
Consequently, return ratios were expected to moderate, with RoE falling 935 basis points to 5.5 per cent and RoIC declining 195 basis points to 6.6 per cent by FY28. The brokerage observed that elevated capex and increased leverage would compress return ratios over the next three to five years but expected a strong recovery over the longer term as higher-margin verticals such as airports, green hydrogen, data centres and copper scaled up.
Ventura added that AEL was setting up a 1 MMTPA PVC plant in Mundra, targeted for commissioning by FY29, and had secured creditor approval for its Rs 14,535 crore bid to acquire Jaiprakash Associates Ltd. However, both the PVC project and the JAL acquisition were excluded from its forecasts due to the absence of detailed financial disclosures.